Senate Democrats to ram millionaires’ tax; arguing the freeing up of general funds for pension payment

In a showdown with Gov. Chris Christie over the budget, Senate President Steve Sweeney (D-3) and Democratic leadership this afternoon will ram their committment to a millionaires’ tax, sources told PolitickerNJ.

The senate president’s proposition would free up general funds to service the state’s pension payment., Democrats argue.

Constitutionally, a millionaire’s tax must go specifically toward property tax relief, but its institution in this case would raise revenue, Democrats will argue, to enable the use of general funds to go toward pension payments.

The declaration by Sweeney creates more questions than answers, however, as Christie opposes a millionaires’ tax and Assembly Speaker Vinny Prieto (D-32) is approaching negotations with the governor from a separate vantage point.

A source told PolitickerNJ that that there is distance not only between Senate Democrats and Christie – but between the Assembly and Senate Democrats.

Now leading a labor suit against the governor, the CWA’s Hetty Rosenstein issued a statement in response to Sweeney’s stand.

“We applaud Senate President Steve Sweeney for agreeing that the law is the law and that the pension payment must be made,” Rosenstein said. “We are in agreement that everybody has to pay their fair share -including millionaires and corporations. And we expect the Assembly to follow suit and do the right thing, as well.”

Senate Democrats to ram millionaires’ tax; arguing the freeing up of general funds for pension payment